start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

4/30/14

Gold Resource Corp (GORO): The gold miner with 150k oz of gold that's worth over U$250m

Slowly, slowly, the truth is revealed about this overvalued bullshit story. 

But even today on revealing just how little this company has in the way of real reserves, GORO can't help itself and has to find some way of bullshitting the market. This time it's by using a 51.4X silver to gold ratio for its banner NR number, instead of the reality today of 67x (or more). What that means in real terms is that when GORO tells the world it has 381,400 ounces of "gold equivalent", in fact that number is 327,913 oz AuEq. Par for the course from The Reids.

By the way, today's announcement values GORO reserves in-situ at U$777/oz AuEq. Which may be fine if they could actually make some money by mining them, but that's...


...simply not the case. People serious about mining companies said goodbye to GORO many moons ago, now it's time for the True Believers to wake up and smell the coffee.